CHAPTER 4.1

Entrepreneurship

Read to Learn

What entrepreneur means and the traits that most successful entrepreneurs share

What the advantages and disadvantages of entrepreneurship are

Main Idea

Gaining knowledge about entrepreneurship and its advantages and disadvantages will help you decide if this is a good career option for you

Key Concept and Key Terms

What is Entrepreneurship?

What is Entrepreneurship?

Small businesses represent more than 99 percent of American Businesses

Small businesses employ more than 50% of the nonmilitary workforce

What is an Entrepreneur?

The risks of being an entrepreneur are high but the rewards can be great

Key Term: Entrepreneur – A person who organizes and them runs a business

Advantages of Entrepreneurship

Advantages of EntrepreneurshipYou are in charge. You decide when and how hard to work and how the business will operate Great job satisfactionEntrepreneurship can lead to a good income

Disadvantages of Entrepreneurship

Disadvantages of EntrepreneurshipFinancial RiskLong HoursCompetition can be difficult to overcomeThere are no guarantees of success. Almost half of new businesses fail with in the first four years

Traits of Entrepreneurs

Motivation – Entrepreneurs stay motivated by setting long and short term goals

Sight and foresight – Entrepreneurs look at problems and see opportunities

Decision making – Entrepreneurs make decisions every day and the decisions must be good ones

Exit Questions

Name one common trait of most entrepreneurs. Explain why you think that trait helps people begin and run successful businesses.

Choose one disadvantage of entrepreneurship. Explain how you might overcome that disadvantage if you ran your own business.

Does entrepreneurship appeal to you? Explain